A Wave of Dividend Cuts For The Foreseeable Future?
Bear market rallies quite common but typically fade until a trough in EPS is in sight
The bear market of the early 2000s witnessed four significant rebounds in stocks, while there were three in 2008/09. What separates a bear market rally from the beginning of a new bull market is a coming rise in EPS expectations.
S&P 500 P/E STILL higher than pre-Financial Crisis levels when the economy was robust
The 16-handle on the S&P 500's multiple is higher than the highest P/E seen in 2007, pre GFC. While the Index has a larger number of higher-P/E Growth stocks nowadays, it still seems odd to us in the face of an unprecedented recession.